Serbinski Accounting Firms

Thanks to NelsonA and MGeorge both for your replies. Actually, I wish I only did take 10% of my RRIF in 2015, considering the exchange rate is so bad for CAD going to the US. I re-worked my 1116 form, and based on $160,000 worldwide income, of which 32,000 was CAD, and with itemized deductions of $1...

I have $160,000 gross income including $32,000 from a Canadian RRIF. I paid $8,000 in Canadian withholding taxes for the RRIF. Using form 1116, on which I include the RRIF income as Passive Income, my US Foreign Tax Credit is only $5,000. Is this pretty much standard? Please and thanks for your alwa...

Thank you! I appreciate the prompt reply, Nelsona!

Philmb

I am a US/CAD dual citizen living permanently in the US. I am receiving income via an RRIF. In 2014 it will be $36,000 CAD less 25% withholding tax. In 2015 it will be $60,000 CAD. I read somewhere my CAD withholding will be 30%. My Federal US tax rate is more like 20%. Is there any way I can get so...

[quote="nelsona"]The RRSP can become a RRIF. The LIRA can become a LIF or LRIF. You can collapse the RRSP or RRIF at tany time and pay 25%. The LIRA and subsequent LIF however need to have special handling if you wish to collapse. In either case, if you convert to RRIF and LIF, the periodi...

It is becoming apparent to me that I may not take a RRSP or LIRA and roll it into an IRA. I am also a dual citizen, perm resident in Illinois. The RRSP and LIRA are in Ontario. Is my observation correct: the tax deferred accounts are turned into Ontario-based RRIFs and stay there, to be drawn down o...

Thank you for the insight!

Are there any extra sales taxes charged by Canada or Ontario if I a US/CAD dual citizen, US resident, purchase a vacation property in Ontario? Sorry, I could not find a related topic already answering this question.

Thank you!

Thanks for the speedy reply!

Could you advise me... I am a dual US/CAD Citizen who is inheriting a sum of money from my late mother's estate in Canada. I am a US resident. Final taxes have been paid to the Canada Revenue Agency. Are there any further Canadian tax penalties or payments I am going to have to make to have the mone...

Thanks for the advice. I'll check out 3520. Merry Christmas!

I am relieved to hear that a bequest from a Canadian's will of $25,000 is not reportable on my US tax returns. I have looked everywhere unsuccessfully for the IRS rules that state inheritances of less than $100,000 do not need to be reported. Can you tell me what the rule # is, or where to read it. ...

Thanks for your advice on this.

This is my last question, as you have resolved the taxation issue. Is there any truth to the rumor that either the IRS would "extra-tax" my RRSP withdrawals if I lived in the US, or that the CRA would extra-tax my IRA withdrawals if I lived in Canada? I was recently told that "either ...

Your input was very helpful. As a permanent resident of the US (Green Carded), and a Canadian citizen, what I understand is that the dual citizenship really is a requirement to lessen or remove extra taxation, or double taxation: on RRSP withdrawals sent to the USA, or on IRA withdrawals sent to Can...